Gold & Silver Fulfill Upside & Consolidate; Prepare for May/June Surges.

04-22-24 – Gold & Silver surged to primary & secondary upside price targets in the first half of April, fulfilling overriding wave timing targets, particularly in Gold.  For the past ~2 months, Gold had been projected to surge from ~2040 (in mid-February) into the middle half of April 2024.

Gold attacked its weekly LHR on April 5th, portending an ensuing intermediate peak in the 2 – 3 weeks that followed.  That often involves a test of the weekly HHR in one of the two weeks after the LHR has been reached.

In mid-April, that level came into play at 2444/GCM and coincided with a combination of other upside targets at 2430 – 2445/GCM.  That included the April 2024 PLLR (2431/GCM) and a pair of range targets.

At the same time, cycles & timing objectives projected a rally into the middle half of April (April 8 – 22nd) with the greatest synergy of cycles on April 12/15th.  A high on April 12 – 18th would fulfill a ~1-month/~30-degree low (Nov 13 – 18, ’23) – low (Dec 13 – 18, ’23) – low (Jan 13 – 18, ’24) – low (Feb 13 – 18, ’24) – low (March 13 – 18, ’24) – (high; April 13 – 18, ’24) Cycle Progression.

It would also fulfill a ~19-wk low (March ’23) – high (July 17-21 ’23) – high (Nov 27 – Dec 1 ’23) – (high; April 8 – 19, ’24) Cycle Progression.

Gold rallied to 2448/GCM on April 12th… and initially peaked at that time.  It set its highest daily close on April 19th – in perfect sync with all these cycles AND the Date of Aggression.

Gold & Silver triggered a second wave of exit signals on April 16th (see April 16, 2024 Weekly Re-Lay Alert: Month of Aggression Culminating; Stocks, Gold & Silver Concur for details) – prompting corresponding traders to exit the remainder of long positions near 2408/GCM & 28.30/SIK in anticipation of a correction.

This has ushered in a multi-week corrective phase that could still be followed by another advance in the coming weeks or months.

IT Update 1 – 3 month & 3 – 6 month traders and investors could have entered long positions in Gold & Silver at averages of 2045/GCM & 23.00/SIK and be holding 1/2 of these positions in Gold after exiting the remaining 1/2 of Silver longs.  Maintain risk/exit levels at a daily close below 2335/GCM.  (Related Weekly Re-Lay traders had slightly different exit signals.)  TRADING INVOLVES SUBSTANTIAL RISK!

The other 1/2 could have been exited in early-April (at the published levels) – with avg. gains of about $27,000/contract (GC) and $22,000/contract (SI).   TRADING INVOLVES SUBSTANTIAL RISK!

The XAU & HUI surged in line with their monthly 21 MACs & 21 MARCs.  The action of the past ~2 months mimicked the weeks between mid-February and mid-April 2023, when the XAU embarked on an overall (similar) ~7-week surge.

In both cases, the XAU suffered a final sharp sell-off for ~2 weeks, bounced, then retested that low ~2 weeks later.  In 2023, that led to an overall advance of ~35.00/XAU points over a ~5-week period.

2024 was projected to see something similar… but potentially more powerful.

That was projected to spur a surge to ~137.00/XAU leading into April 5th (7 weeks from the initial low and 5 weeks from the retest low).  It made it to 136.76/XAU on April 5th.

The XAU pulled back and then spiked up to broader resistance at 143 – 145.00/XAU – on April 12th – ushering in a slightly larger magnitude peak.  That had the XAU peaking where it previously peaked in mid-April 2023 reinforcing this uncanny parallel.

The XAU triggered a brief pullback that spiked down to 130.50 – 131.80/XAU, where previous highs overlap weekly support and HLS.  As long as this support holds, the XAU is capable of rallying to new highs

On a 3 – 6 month basis, the February ’24 low projected a higher-magnitude advance to at least 157.00/XAU, where the current rally would match the magnitude of the late-2022/early-2023 rally.  That could be seen in the coming months.

1 – 3 month traders & investors could have entered long positions in related instruments (ETFs, stocks, etc.) when the XAU was at 106.00 down to 102.60 in late-February in line with the strategy published at that time. 1/2 of these positions should have been exited when the index hit 134.00/XAU.  Risk/exit on a daily close below 130.40/XAU on the remaining 1/2.    TRADING INVOLVES SUBSTANTIAL RISK!

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Gold & Silver fulfilled their mid-February buy signals – projecting acceleration higher into April 12/15, 2024 and spike highs near 2445/GCM & 30.00/SI.  April 16th generated a signal to exit longs and wait for a pullback toward 2280/GCM & 26.50/SIN.  A new surge is likely in May/June 2024 with Silver already setting up for a potentially explosive period.  Watch early-May 2024 for clues.

The action since late-2022 is powerfully validating the onset of a new 40-Year Cycle of Currency War in which Gold & Silver possess unique potential for 2024!  Gold is acting as the ‘Canary in the Coal Mine’ and has fulfilled projections to break out to the upside in March 2024!  The primary focus remains on early-July 2024.  Silver continues to build synergy of cycles in late-June/early-July 2024.

 

Where Should Gold & Silver Traders Re-enter Long Positions?

When is Next Silver ‘Sweet Spot’?? 

Will Platinum (& Palladium) Soon Join In (Watch May 2024)?

 

40-Year Cycle – Dollar Dominion Dilemma & Demise

40-Year Cycle – Currency Wars & Cryptos

Solar, Seismic & Gold Intensity Cycles

 

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.